One-Bedroom Residential Income
For Sale
$749,000
400 E 56TH Street 23F, New York City, NY 10022
Apartment residence with generous living areas, abundant storage, city views, and extensive full-service building amenities.
Property Size945 SF
Price / SF$792.59
Days on Market18
Property Features for 400 E 56TH Street 23F
General Information
Standard status
Active
Size
945 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Amenities
Sky Top Lounge
outdoor heated rooftop pool
children's playroom
fitness center
yoga/stretching studio
laundry facilities
bicycle storage
concierge services
24-hour doorman
on-site security
live-in superintendent
Building Details
Building Size
945 SF
Year Built
1969
Listing Agency:
Coldwell Banker Warburg
Listed By:
Andrea Blumenthal
(917) 224-6999
Source:
Howardhannanyc
Added: Sep 8
Changed: Sep 21
Last Checked: Sep 24 at 7:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Warburg
Investment Insights
Based on property information with market context.
Apartment 23F at Plaza 400 offers 945 square feet with a one-bedroom, one-and-a-half-bath layout. A foyer leads to an expansive living and dining area with oversized windows, northern and western exposures, and open city views. The king-sized bedroom includes an en-suite full bath with a stall shower and substantial closet space. Additional features include walk-in storage, a well-proportioned kitchen, and a powder room.
Plaza 400 is a full-service cooperative completed in 1969. Building amenities include a Sky Top Lounge, outdoor heated rooftop pool, children's playroom, fitness center with yoga and stretching studio, professional-grade laundry facilities, bicycle storage, concierge service, 24-hour doorman coverage, on-site security, and live-in management. Monthly maintenance includes all utilities. The building permits pets, pieds-à-terre, co-purchasing, guarantors, and parents purchasing for children.
Plaza 400 is a full-service cooperative completed in 1969. Building amenities include a Sky Top Lounge, outdoor heated rooftop pool, children's playroom, fitness center with yoga and stretching studio, professional-grade laundry facilities, bicycle storage, concierge service, 24-hour doorman coverage, on-site security, and live-in management. Monthly maintenance includes all utilities. The building permits pets, pieds-à-terre, co-purchasing, guarantors, and parents purchasing for children.
Key Highlights
- 945 SF one‑bedroom, one‑and‑a‑half‑bath apartment at Plaza 400
- F‑line layout with expansive living and dining area
- Oversized windows with northern and western exposures
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,566
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$591,320
$591.3K
Cap Rate 7%
$422,371
$422.4K
Cap Rate 9%
$328,511
$328.5K
Market Conditions
NOI Build-Up for 945 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$56.6K $59.88/SF
− Vacancy
−$2.8K −$2.99/SF
EGI
$53.8K $56.89/SF
− OpEx
−$24.2K −$25.60/SF
NOI
$29.6K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$591,320
Cap Rate 7%
$422,371
Cap Rate 9%
$328,511
Alternative Uses
Best Use
Apartment 5plus
$422.4K
$369.6K – $492.8K
NOI $29,566 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.35M
$2.06M – $2.74M
NOI $164,657 @ 7.0% cap · market cap 21.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
27,619
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Apartment residence with generous living areas, abundant storage, city views, and extensive full-service building amenities.
Where is this residential income property located?
The property is located at 400 E 56TH Street 23F New York City, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 945 SF one‑bedroom, one‑and‑a‑half‑bath apartment at Plaza 400; F‑line layout with expansive living and dining area; Oversized windows with northern and western exposures
